Additional Information
Market: ASX
Sector: Cleantech and Renewable Energy
EPIC: GER
Latest Price: A$0.05  (-10.00% Descending)
52-week High: A$0.15
52-week Low: A$0.05
Market Cap: A$5.06M
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Greenearth Energy
www.greenearthenergy.com.au

Greenearth Energy (ASX: GER) is a diversified Australian renewable energy company that has interests in conventional geothermal resources in Australia, Indonesia and the wider Pacific Rim as well as technology opportunities and project applications in the waste heat recovery, energy efficiency, combined heat and power solar and CO2 to fuel conversion markets.

Greenearth Energy's projects and technologies are designed to deliver energy security outcomes in a carbon constrained world.

The company listed on the Australian Securities Exchange (ASX) on the 4 February 2008.

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Greenearth Energy's A$7m funding negotiations further extended to 31 August

16th Aug 2010, 8:54 am

Greenearth Energy (ASX: GER) has been advised by the Australian Centre for Renewable Energy (ACRE) that the negotiation period for the Geothermal Drilling Program (GDP) funding agreement for the Geelong Geothermal Power Project will be extended by a further 15 days until 31 August, 2010.

On 20 May, 2010 the company received the draft GDP funding agreement from the newly formed ACRE within the Department of Resources, Energy and Tourism (DRET) for the company's flagship Victorian geothermal energy project.

The original execution date was set by ACRE for 17 June, 2010. The company was subsequently advised by ACRE that it had until 16 August, 2010 to execute the $7M GDP funding agreement allowing an initial drawdown of funds in support of the company's flagship hot sedimentary aquifer (HSA) geothermal energy project located in the Wensleydale-Gherang area northwest of Anglesea, Victoria.

Mark Miller, managing director, said Greenearth is also negotiating contracts with the Victorian State Government further to being awarded $25 million in late 2009 under the Energy Technology Innovation Strategy (ETIS) program for large scale, pre-commercial, sustainable energy demonstration projects for its Geelong Geothermal Power Project.

The Victorian Government awarded the Geelong Geothermal Power Project $5 million for the Stage 1 Proof of Resource and, upon successful completion of Stage 1, a further $20 million for the Stage 2, 12MWe geothermal energy demonstration plant.

Greenearth Energy's Geelong Geothermal Power Project Stage 1 Proof of Concept is in a unique position, being supported by both State and Commonwealth funding totalling $12 million.

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